Finding relief for an expensive mortgage can be difficult, especially for homeowners who owe more than their properties are worth. While mortgage interest rates in the United States have been low for the last several years, many homeowners don't know where to start when trying to lower their monthly payments.

One of the best and most obvious options for fast mortgage relief is refinancing. Mortgage interest rates are extremely low due to the recessed housing market and due to numerous government programs designed to provide incentives for home buyers. By comparing different options to find the best mortgage rates possible, homeowners can sometimes save hundreds of dollars per year and thousands of dollars over the life of their loans. However, many mortgage lenders have strict underwriting requirements. Some homeowners may not be able to refinance traditionally, especially if their loans are underwater, if they're self-employed or if they have credit issues. Even if these high-risk individuals are approved to refinance, they may not be able to get the best mortgage rates.

There are government programs that can make it easier for some individuals to refinance. The Home Affordable Refinance Program is one well-known option. HARP offers underwater homeowners a way to refinance by basically backing their loans so that mortgage lenders will be able to offer them the best mortgage rates possible. HARP is only available for buyers who have not been late on any mortgage payments and there are numerous other restrictions, so it's not an ideal program for every homeowners.

When comparing different options for mortgage relief, homeowners should check current mortgage interest rates, as this will provide some perspective on different options. They should also find out the approximate value of their homes by using online property value estimators and by contacting their current mortgage companies. When a homeowner feels that his or her property is undervalued, it may be a good idea to pay for a professional property assessment before refinancing. It's also smart to compare different home insurance options, as this is an overlooked way to get additional discounts on the regular costs of home ownership.

Programs like HARP should be considered as a last resort, but they can certainly be helpful for some buyers. By taking the appropriate actions and by understanding how different refinancing options work, homeowners can lower their monthly mortgage bills substantially.